Loan Payoff Calculator
Enter your current balance and monthly payment to see exactly when your loan will be paid off and how much interest you'll pay. Add an extra payment to see the accelerated timeline.
1 Current Loan
2 Extra Payment (optional)
Payoff Timeline
—
Enter your current balance and payment
Standard Payoff
—
With Extra Payment
—
Interest Remaining
—
Interest Saved
—
Remaining Balance Over Time
Payoff Comparison
| Metric | Current Payment | With Extra |
|---|---|---|
| Enter details above | ||
Understanding Your Loan Payoff Date
Your loan payoff date is determined by your current balance, interest rate, and monthly payment. Unlike early in a loan when most of each payment goes to interest, as your balance decreases, more of each payment goes toward principal — accelerating payoff in the final years.
If you've had your mortgage for several years, you may be surprised at how much interest still remains. This is because of front-loaded amortization: in the early years, interest consumes 80–90% of each payment. This makes early extra payments especially powerful.
When Extra Payments Make Most Sense
- When your mortgage rate is higher than what you can safely earn on investments.
- When you want the psychological security of being debt-free faster.
- When you plan to stay in the home long enough to realize the full savings.
See how refinancing compares using the Refinance Calculator, or explore the Extra Payment Calculator for a detailed breakdown on a new loan.
Frequently Asked Questions
How can I pay off a loan faster?
Add a fixed amount to each payment, make one extra payment a year, or apply windfalls such as tax refunds as lump sums. Tell the lender the extra amount is for principal so it is not held as a prepayment of future installments.
How is the payoff date calculated?
Each month interest is charged on the remaining balance at the monthly rate (annual rate ÷ 12). The rest of your payment reduces principal. Extra payments cut the balance directly, so less interest accrues every month after, which shortens the loan.
Should I pay off my car or student loan early?
Prioritize the highest-rate debt first. Paying off a 9% auto loan early is a guaranteed 9% return. For federal student loans, consider whether you might qualify for income-driven forgiveness before prepaying.
Is my payoff amount the same as my current balance?
No. The payoff amount includes interest accrued since your last payment and any fees. Request an official payoff quote from your lender, which is valid until a specific date.